Can we count out a full five-wave structure on China’s Shanghai Index? Let’s take a close look at the index which has shown strength recently and may be on pace to etch out fresh 2009 highs. I’ve started the chart at the October peak (which corresponds with the US S&P 500) and noted a quick…
Goldman Sachs (GS) has been on many trader’s radars because it has shown relative strength over the Financial Sector (XLF) and the broader S&P 500 since its November lows. Let’s take a look at GS on the weekly chart (using two possible Elliott Wave Counts) and then at the Daily Chart, where we see a…
As a slight continuation of last night’s “Elliott Wave” update post, let’s look at the hourly (60m) chart of the S&P 500 from the beginning of 2009 until present (mid-day Friday, March 27) with a special look at divergences, moving average structure, and fractal Elliott Waves. (Click for larger image) The year began with a…
A couple of readers have asked about the Elliott Wave count on Crude Oil and I wanted to give a lengthy, multi-year view of the $WTIC Index to show the clean Elliott Count and possibility for the near future. Monthly Crude Oil ($WTIC): (Click for Larger Image) A complete 5-wave Elliott pattern completed into mid-2008,…
Let’s take a quick look at Apple (AAPL)’s weekly chart (including an Elliott Wave count) and a closer look at the Daily Chart’s consolidation rectangle pattern. Apple (AAPL) Weekly: I would consider this Elliott Wave count a high-probability count, but it is not the only count available. It’s also possible that this rectangle is actually…
That’s quite an ambitious headline, but it seems the US Equity Market is more than ready for a counter-trend retracement rally up. Let’s look at the S&P 500 to see the structure and how far the rally might last. S&P 500 Daily Chart: Friday’s close and Monday’s close both resulted in dojis in deeply oversold…
Andrew Horowitz of the Disciplined Investor asked me to do a guest post for his readers on a basic introduction to Elliott Wave and to describe where the Wave Principle might be telling us we are within the 5-wave structure. Go over to Andrew’s site to see the full publication entitled “Where Are We in…
In charting, sometimes past is prologue. There is a distinctly eerie similarity in the 5-Wave decline from the October 2007 highs today with what happened – almost identically – as the Dow peaked in early 1937 and bottomed out in April 1938. It’s something you probably should examine, as it could resolve the same way…
Crude Oil has come into a potential support area most traders might not be aware exists, but it’s evident from the long-term monthly chart. Let’s see this structure and what might be in store for crude, barring any further unforseen developments. Crude Oil Monthly Chart: (Click for larger image) Crude Oil ($WTIC as the benchmark…
It’s on the chart permanently now – the S&P 500 officially closed February beneath the 2002 Bear Market lows – but let’s look beyond that. Did you know the S&P 500 is at a very critical potential long-term Fibonacci support level? Let’s see it on a Monthly chart that dates back to 1980. (You’ll definitely…